Downtrend Continues for Streettracks Gold Shares (NYSE: GLD) Says Market Timer Frank Kollar

June 17, 2008 (FinancialWire) (By Frank Kollar)

Although shares of Streettracks Gold Shares (NYSE: GLD) rallied on Monday, June 16, they remain mired in a downtrend that may have further to go.

Three weeks ago Gold Shares rallied to exactly the 50% retracement of its entire March to May correction, and not only was unable to surpass it, but reversed hard to the downside. Since that reversal from resistance, Gold Shares has been unable to mount a rally that holds.

Gold Shares will likely decline to $82.00 a share before it is able to make a sustained move higher. Should Gold Shares close below $82.00, look for continued declines to around $77.66 which is long term support.

The Fibtimer.com (http://www.fibtimer.com) ETF Timing Strategy may have a position in Streettracks Gold Shares .

Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.

Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.